The experienced crypto team NEM Group has announced the successful launch of its symbol mainnet.
According to an announcement on March 17, NEM now comprises a “two-chain ecosystem”, with NEM’s existing NEM-NIS1 chain continuing to operate alongside Symbol.
The start of Symbol did not go very smoothly because the mainnet went into operation two days too late.
Although the team announced that the launch would be delayed due to the need to investigate unexpected node behavior during the rollout in front of the mainnet, sponsored posts celebrating the launch of Symbol were prematurely made by a number of crypto media outlets released.
The problem that was preventing Symbol from starting was detected within 24 hours. NEM announced on March 16 that a “network configuration problem” had caused the pre-mainnet to branch at startup.
NEM describes Symbol as an interoperable proof-of-stake blockchain that supports the tokenization of assets, including financial, physical, and intellectual assets. Assets created on Symbol are given unique identifiers so that conditional programming for tokens can be enforced at the protocol level. Symbol also supports public and private deployments.
The native XYM token from Symbol will be delivered to the holders of the native NEM token XEM in a ratio of 1: 1 according to balance snapshots from March 12th by airmail. 7.3 billion tokens from the maximum offering of almost 9 billion will be allocated to XEM holders.
While the deadline for pre-snapshot opt-ins for the Airdrop expired on January 9, XEM holders can claim their tokens up to six years after Symbols Mainnet launched.
Opportunistic investors looking to take advantage of the airdrop appear to have caused a violent pump and dump in the XEM markets. The token rose 250% from $ 0.23 in early February to $ 0.8 on March 4th.
Most of the gains were short-lived, however, as XEM had dropped to $ 0.6 by March 12, before dropping back to $ 0.33 over the next three days. At the time of this writing, XEM last changed hands for $ 0.37.
XYM is currently trading for $ 0.4, a premium of around 8% over NEM, suggesting that Symbol is the 31st largest crypto asset by market capitalization and is below IOTA and CoinGecko / via FTX Token, according to CoinGecko.
The NEM NIS1 blockchain was first introduced in 2014 and was the first chain to support wallets with multiple signatures in the chain. Symbol extends this functionality by allowing the signer of multi-sig accounts to include multi-signature accounts with unique co-signers.
“In this way, users can simplify the creation of complex signature requests, which optimizes business processes such as payroll,” said an announcement from NEM.